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rayan
01-22-2008, 05:51 PM
I know a lot of you guys here are too young to care about this, but our U.S. economy is currently on the verge of a huge recession. We also have one of the weakest dollars in recent history added to that.

Hopefully I'm wrong, but I think this year is going to suck for a lot of lower to middle class people who were not prudent with their finances.

Fred Miu
01-22-2008, 06:00 PM
im gettign screwed over myself. i just got a letter in the mail for taxes for $418. and i only have $622 in my bank and i need to get new tires for my car.

this recession is going to SUCK!!!!!

pakiboy949
01-23-2008, 12:59 AM
minimum wage has gone up just recently in California also.

Ways to solve this problem....
(In California) Yes on 94 - 97
Pull out of Iraq
Possibly even more border patrol, unfortunately. (effects health care and the justice system).

ChiyoDad
01-23-2008, 03:51 AM
I know a lot of you guys here are too young to care about this, but our U.S. economy is currently on the verge of a huge recession. We also have one of the weakest dollars in recent history added to that.
To the best of my knowledge, we are in a recession. It's just not official owing to lagging economic indicators it can't yet be officially declared as such.

The sudden interest rate cuts by the Federal Reserve will only serve to make the US dollar less attractive as a currency to hold and devalue it further. The economic stimulus package (estimated at $150 billion) being crafted by the government will only increase inflationary pressures and will not even provide a significant stimulus to the economy.

Batten down the hatches and prepare for the worst. It's going to be a long, hard and painful ride.
:mad:

rayan
01-23-2008, 07:14 AM
To the best of my knowledge, we are in a recession. It's just not official owing to lagging economic indicators it can't yet be officially declared as such.

The sudden interest rate cuts by the Federal Reserve will only serve to make the US dollar less attractive as a currency to hold and devalue it further. The economic stimulus package (estimated at $150 billion) being crafted by the government will only increase inflationary pressures and will not even provide a significant stimulus to the economy.

Batten down the hatches and prepare for the worst. It's going to be a long, hard and painful ride.
:mad:

You are totally right ChiyoDad. I was so pissed last year when the Fed kept dropping interest rates. It was like trying to put band-aids on a flesh wound. Our dollar is at a 30 year low against the Canadian Dollar.

People blame the mortgage companies for this, but hey it takes a customer to take out a mortgage. Post 9/11 this country had an inflated sense of wealth due to the rate cuts. The easy access to cash lead to excessive spending and people didn't bother to think about how they would pay things back later.

Currently I'm watching the Dow sink another 300 points.

Any predictions on how low it will go? I think it will at least get to 10,000.

studentaccount1
01-23-2008, 07:32 AM
I don't really follow politics, but it is kind of interesting that you don't hear much about fixing the economy from the major media sound bites of presidential candidates (besides Ron Paul and Mitt Romney i guess). It seems like it should be one of most pertinent issues.

ChiyoDad
01-23-2008, 07:55 AM
Any predictions on how low it will go? I think it will at least get to 10,000.

Nope but we sure haven't seen the bottom yet. The biggest question is how badly the Asian and European economies will also be impacted. They'll do better but there's been no real de-coupling of these two from the US economy. We sneeze; and the rest of the world catches a cold.

Paul Farrell already gave general survival advice back in December (http://www.marketwatch.com/news/story/ten-resolutions-help-you-survive/story.aspx?guid=%7BEEE93E28%2D3F7B%2D432E%2D9312%2 D315D2F92FC12%7D).

JumpingPulgas
01-23-2008, 09:34 AM
Thanks for the link ChiyoDad :D


4. Do what you love (or your boss will decide for you)
The majority of Americans are working at jobs they hate. The one thing you must do to be happy in this life, says guru Marcus Buckingham, is find out what you hate to do and stop doing it. Now. Then start doing what you love, and the money will follow.



Nope but we sure haven't seen the bottom yet. The biggest question is how badly the Asian and European economies will also be impacted. They'll do better but there's been no real de-coupling of these two from the US economy. We sneeze; and the rest of the world catches a cold.

Paul Farrell already gave general survival advice back in December (http://www.marketwatch.com/news/story/ten-resolutions-help-you-survive/story.aspx?guid=%7BEEE93E28%2D3F7B%2D432E%2D9312%2 D315D2F92FC12%7D).

NukeDOC
01-23-2008, 10:15 AM
4. Do what you love (or your boss will decide for you)
The majority of Americans are working at jobs they hate. The one thing you must do to be happy in this life, says guru Marcus Buckingham, is find out what you hate to do and stop doing it. Now. Then start doing what you love, and the money will follow.

i beg to differ. this is not entirely true. at least not for everyone. things we love to do are things we love to do because there is a purity in it that we find peace in. like me... i love to fish. and there was a time that i could have made a humble living being a fishing guide in our local waters. but the moment i start getting paid for it, fishing is no longer an activity that i love to partake in. it becomes a job. a responsibility. a waypoint to gain access to the higher echelon of necessities in life, ie food on the table and a roof over head. upon this transformation, i could easily foresee hating fishing. good bye peaceful sanctuary. now im really hosed! hahaha

i think that statement should be re-worded. figure out what you would love to do as a profession, and the money will follow. and make the time to do what else you love to do on the side.

ChiyoDad
01-23-2008, 02:22 PM
i think that statement should be re-worded. figure out what you would love to do as a profession, and the money will follow. and make the time to do what else you love to do on the side.

That's what Paul Farrell meant based on how I read it, ND. He's a columnist for MarketWatch (CBS's business news website). I imagine that he knows his audience.

I was going to write another rant about the economy but I think I'll focus on diverting some new assets into overseas investments instead.